Canadian gold exploration company Barrian Mining has signed a letter of intent with Brocade Metals, a private mineral exploration company, to acquire the Troy Canyon gold silver project located in Nye County, Nevada, US.
Pursuant to the letter of intent, Barrian would acquire a 100% interest in Troy Project by making certain staged cash payments and share payments of common shares in the capital of Barrian to Brocade.
Barrian Mining CEO and Founder Maximilian Sali said: “The acquisition of the early-stage Troy Canyon Project will provide synergies with our nearby, flagship Bolo Project. Historical sampling at Troy has returned some very high-grade gold and silver values. The main occurrence remains open on-strike over 300 meters and remains open at depth to over 180 meters.
“The Project will be the subject of new exploration methods to expand existing and discover new zones of mineralization. We are very excited with the progress being made at Bolo, drilling continues and we anticipate favourable results that will prove-up our flagship asset. Barrian’s primary focus remains on the Bolo project.”
Details of Troy Canyon Gold Silver Project
The Troy Canyon Project is located approximately 230km north of Las Vegas, and 70km east of Barrian’s Bolo Project near Tonopah, in Nevada.
The project holds 19 contiguous mineral claims, covering 158.86 hectares of land, placed approximately on the historical Locke gold mine and underlines a historical underground stope rock grab samples assaying 576g/t gold and greater than 100g/t silver.
Barrian said that the high-grade gold mineralisation is observed within huge quartz veins, vein breccias narrower sheeted vein and stockwork zones in the project site.
In addition, the quartz system is visible for 300m along the northerly trending contact between hangingwall recrystallized limestone of cambrian age and footwall quartz monzonite.
In 2007, Portage Minerals has conducted a multi-parameter exploration program on the project, which included a property-wide soil geochemical survey, focused IP/Resistivity and CSAMT surveys, and rock chip sampling and surveying of the main Locke mine underground workings.
The exploration program recognized several zones of anomalous gold and a strong northwest trending IP anomaly in the southeast part of the survey area.
Recently, Barrian commenced a summer drilling program at its Bolo Gold Project, located in Nye County, Nevada.
